Financial anomalies in emerging markets can be caused by forces that are very different from that in mature markets. In a GARCH model, we investigate the political aspect of financial anomalies and show that financial anomalies can be caused by political intervention. In the case of China, while there is no evidence for the January effect or the Chinese New Year effect, returns abnormality is found to occur in March when China is in the political high season. This March effect is likely a result of political manoeuvre by the government to make the appearance of a stable and thriving stock market, which serves the political purpose of preventing social resentment in a politically sensitive time. This case study shows political window dressing can be an important cause of financial anomalies.
{"title":"Financial Anomalies in Emerging Markets: The Case of China","authors":"Zhichao Zhang, Wang Hua, Wai Sun","doi":"10.2139/ssrn.995179","DOIUrl":"https://doi.org/10.2139/ssrn.995179","url":null,"abstract":"Financial anomalies in emerging markets can be caused by forces that are very different from that in mature markets. In a GARCH model, we investigate the political aspect of financial anomalies and show that financial anomalies can be caused by political intervention. In the case of China, while there is no evidence for the January effect or the Chinese New Year effect, returns abnormality is found to occur in March when China is in the political high season. This March effect is likely a result of political manoeuvre by the government to make the appearance of a stable and thriving stock market, which serves the political purpose of preventing social resentment in a politically sensitive time. This case study shows political window dressing can be an important cause of financial anomalies.","PeriodicalId":176925,"journal":{"name":"Euromed Management Research Paper Series","volume":"330 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114456851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Market liquidity, corporate governance and their impact on the market value of firms are usually studied separately. However liquidity, with its operational and informational characteristics, has as much influence on shareholder value, especially as it interferes with other corporate governance mechanisms, even constituting the cost of market monitoring. In this working paper, we present the models linking ownership structure, controlling shareholders and liquidity. The presentation of these theoretical and integration tools creates the framework of global corporate governance that should be validated by empirical evidence.
{"title":"Link Between the Concentration of Capital and Liquidity: A Review of Literature and Technical Tools","authors":"Alexis Guyot","doi":"10.2139/ssrn.980202","DOIUrl":"https://doi.org/10.2139/ssrn.980202","url":null,"abstract":"Market liquidity, corporate governance and their impact on the market value of firms are usually studied separately. However liquidity, with its operational and informational characteristics, has as much influence on shareholder value, especially as it interferes with other corporate governance mechanisms, even constituting the cost of market monitoring. In this working paper, we present the models linking ownership structure, controlling shareholders and liquidity. The presentation of these theoretical and integration tools creates the framework of global corporate governance that should be validated by empirical evidence.","PeriodicalId":176925,"journal":{"name":"Euromed Management Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117215392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Merunka, I. Becheur, Hayan Dib, P. Valette-Florence
We study the effects of fear, shame and guilt on persuasiveness of anti-alcohol messages among young people. We experimentally test three distinct messages, each one focusing on one of the three negative emotions using a total sample of more than a thousand students. Results show that all three messages have a positive impact on persuasion. It appears that shame is very effective in the case of anti-alcohol abuse advertising directed at young people. In addition, we demonstrate that personal variables such as affect intensity and self-efficacy are important in explaining persuasiveness of messages.
{"title":"Modeling and Measuring the Impact of Fear, Guilt and Shame Appeals on Persuasion for Health Communication: A Study of Anti-Alcohol Messages Directed at Young Adults","authors":"D. Merunka, I. Becheur, Hayan Dib, P. Valette-Florence","doi":"10.2139/ssrn.963593","DOIUrl":"https://doi.org/10.2139/ssrn.963593","url":null,"abstract":"We study the effects of fear, shame and guilt on persuasiveness of anti-alcohol messages among young people. We experimentally test three distinct messages, each one focusing on one of the three negative emotions using a total sample of more than a thousand students. Results show that all three messages have a positive impact on persuasion. It appears that shame is very effective in the case of anti-alcohol abuse advertising directed at young people. In addition, we demonstrate that personal variables such as affect intensity and self-efficacy are important in explaining persuasiveness of messages.","PeriodicalId":176925,"journal":{"name":"Euromed Management Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133518402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper I would like to elaborate on the use of Flamenco (in all its characteristics) as a metaphor for an organisation, and in particular for a holistic organisation. Compared to other music styles, flamenco is much more of a holistic experience, in its rhythm, harmony, musical warmth, but moreover also in the fact that flamenco, at least according to some, is an expression of the spiritual. Flamenco can easily be doted with a multidimensional and transversal character. An initial discovery of flamenco might help managers and management students to better understand, but equally "feel", the concept of the holistic company.
{"title":"Flamenco as an Organizational Metaphor","authors":"W. Baets","doi":"10.2139/SSRN.957990","DOIUrl":"https://doi.org/10.2139/SSRN.957990","url":null,"abstract":"In this paper I would like to elaborate on the use of Flamenco (in all its characteristics) as a metaphor for an organisation, and in particular for a holistic organisation. Compared to other music styles, flamenco is much more of a holistic experience, in its rhythm, harmony, musical warmth, but moreover also in the fact that flamenco, at least according to some, is an expression of the spiritual. Flamenco can easily be doted with a multidimensional and transversal character. An initial discovery of flamenco might help managers and management students to better understand, but equally \"feel\", the concept of the holistic company.","PeriodicalId":176925,"journal":{"name":"Euromed Management Research Paper Series","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116541825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article deals with the convergence of two qualitative methods (the critical incident technique and the focus group technique) researchers may use for categorizing attributes in relation with overall customer satisfaction. Our results show that both methods provide different results. Additionally, we develop a new approach to improve attribute categorizations that and specifically the managerial task of effort prioritization to improve customer satisfaction.
{"title":"Convergent Validity of Two Qualitative Methods for Examining Assymetric Contributions of Product Attributes to Global Satisfaction","authors":"Boris Bartikowski, G. Guibert, Guillaume Teboul","doi":"10.2139/SSRN.968385","DOIUrl":"https://doi.org/10.2139/SSRN.968385","url":null,"abstract":"This article deals with the convergence of two qualitative methods (the critical incident technique and the focus group technique) researchers may use for categorizing attributes in relation with overall customer satisfaction. Our results show that both methods provide different results. Additionally, we develop a new approach to improve attribute categorizations that and specifically the managerial task of effort prioritization to improve customer satisfaction.","PeriodicalId":176925,"journal":{"name":"Euromed Management Research Paper Series","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116748278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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